UK cost of living squeeze tightens as mortgage rates rise ; JLR announces 4,000 job cuts – business live

Rolling coverage of the latest economic and financial news UK house prices fall for first time in nearly three years, says Lloyds The rise in mortgage rates could cool demand in the UK housing market, where ( as reported earlier) prices fell last month.

Tom Bill, head of UK residential research at Knight Frank, says: “We have seen a spring slump rather than a seasonal bounce this year as prices and transactions came under pressure from higher mortgage costs and an ever-present concern around which taxes the government may raise next. Falling house prices are a natural consequence of that and whether we see a seasonal autumn bounce will depend on the level of any pre-Budget speculation and how the unpredictable conflict in the Middle East unfolds and impacts on UK inflation expectations. ” The average 2-year fixed residential mortgage rate today is…